In fact, Bitcoin closed on Tuesday at its highest level since the beginning of January, according to data from CoinMarketCap, above $44,500 and, despite the fact that this day remained stable, it could try to recover $45. 000 – $45,500 where the first resistance resides.
“All of a sudden last week’s highs look pretty vulnerable”Erlam noted, adding: “A break above this area would put it back into healthy territory and we could see it pick up momentum from there.”
In general, the outlook is bullish for the queen of electronic currencies since “every day that passes the sensations in bitcoin are better, so much so that it cannot be ruled out that from here it is trying to restructure itself upwards with an eye on the all-time highs for November”, commented José María Rodríguez, an analyst at Bolsamanía.
“Above $46,000 it can trigger a small figure back to the upside with an upside target of approximately $60,000.” With clear permission is “of the significant horizontal resistance it has at $ s52,200 Below, on the support side, the most important of all of them is at the lows of January at US$32,855”, he pointed out.
Analysts at ‘Bloomberg’ indicate, for their part, that the charts give the queen of cryptos upside potential up to $53,000. The 18% price increase for the world’s most traded digital token “would be considered a bold move after being in a state of correction for the last 100 days,” experts at ‘Bloomberg’ commented. “Such a strong rise would point to further gains of about 53%,” they add.
As for the “altcoins”, they generally leave a good feeling, especially Ethereum. The second-largest coin by market cap sits just above the 50-session moving average, giving it upside potential to $3,400 resistance, which is just shy of the crucial 200 SMA. days at US$3.5730. Further rallies above the critical moving average could initiate another round of buying opportunities. In that scenario, the Ether -token of the Ethereum network- could exceed the levels of $3,600.
Mind you, it must first break above the crucial $3,200, where buying was rejected last week, triggering pullbacks to the $2,800 support. If the price fails to hold above it opens the door for it to return to these prices and a break below $2,830 could push the price towards the $2,500 level.
Source: Ambito
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